- Associated Press - Wednesday, September 6, 2017

CAMDEN, N.J. (AP) - A New Jersey man who conspired to defraud 76 victims out of more than $4 million in an investment fraud scheme is now headed to prison.

Peter Zuck received a three-year sentence Wednesday. He’ll also have to pay restitution, though that amount has not been determined.

The 67-year-old Middletown man had pleaded guilty in April to conspiracy to commit wire fraud and four counts of tax evasion.

Zuck was a co-founder of Osiris Partners and Osiris Partners Fund. He admitted that conspirators diverted investors’ money and fraudulently drew $3.9 million in management fees to which they weren’t entitled.

Prosecutors say the conspirators concealed investment losses, misappropriated assets for their own personal use and got management fees based on a fraudulently inflated net asset value.

Zuck also admitted trying to evade $273,417 in income tax.

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